economy
JPMorgan Chase taps Dwyane Wade, Tom Brady for new athlete wealth management push
JPMorgan's move reflects growing competition among banks and wealth managers to serve athletes, who are increasingly becoming entrepreneurs and investors.
TL;DR
- JPMorgan Chase has created the Athlete Council to help professional athletes manage their finances.
- The council is led by Dwyane Wade and includes athletes such as Tom Brady, Sue Bird, Alex Morgan, Megan Rapinoe, A'ja Wilson, and Jalen Brunson.
- The initiative aims to develop programs for athletes from college to retirement, addressing issues like sudden wealth and short career spans.
- Approximately one in six NFL players declare bankruptcy within 12 years of retiring.
- JPMorgan is also establishing an Athlete Center of Excellence and a content hub with resources for athletes.
- The move is driven by growing competition among financial institutions to serve athletes, many of whom are becoming entrepreneurs and investors.